House prices have risen in every region in England and Wales for the first time in three years, as the recovery spreads across the country.
Prices rose by 0.6% in October and 4.3% over the past 12 months to hit a new record high of £237,167, according to new research from LSL Property Services, published today.
That is £9,776 higher than a year ago and marks the best October performance since the onset of the crisis in 2007.
The housing market is a hive of activity, said LSL director David Newnes. "There’s been a tremendous jump in transactions over the past three months. Key to such a surge in activity is the renewed level of confidence seeping back into the market and a plethora of attractive mortgage deals enticing more and more buyers."
The recovery is now a national phenomenon, with prices increasing in all 10 regions of England and Wales, he said. "Earlier this year, many regions were still struggling to escape from the resilient grasp of the financial crisis.
"But in a little over six months we’ve seen a drastic improvement in the availability of mortgages and increased lending by the banks to those at the lower end of the spectrum.
"The increase in demand, in part fuelled by the second phase of Help to Buy, has driven up average house prices across the country by £1,376 over the past month and £9,776 from a year ago.
“Up and down the country regions are benefiting from the resurgence. East Anglia has seen the greatest boost in sales, up 26%, but even the region with the lowest rise in transactions, the West Midlands, was only shortly behind after rising by 22%.
"In the face of rises sweeping across the nation, we must ensure the market doesn’t soar out of reach for those at the bottom of the ladder."
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